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Learn to Manage Money and Prepare for the Cost of Higher Education

You may still rely on financial help from your parents or other family members, but it's not too early to start cultivating sound money-management habits. Many financially sound adults accomplished their goals through careful financial planning that began when they were students.

How can you start on the path to sound money management?

1. Become a "Star Saver"

Learning to save money in your teens and college years is an excellent habit that will train you be a good money manager for the rest of your life. Set goals for your money and start saving NOW. If you have no immediate goals, your goal can be to have a "money cushion" for when that important need for cash occurs.

CBC Bank offers saving accounts specifically designed for students:

Young Achievers Savings offers those age 17 and below to begin saving money for their future. This account will automatically convert to a Basic Savings account when you turn 18 so you can continue to save.

Basic Savings allows you to "pay yourself first". Establish a regular savings plan by depositing money into your account with either weekly or monthly deposits. A great way to build savings for future needs.

2. Start a Checking Account

A checking account provides a means to learn how to responsibly handle cash, make smart financial decisions and keep track of your spending records. Whether you use a debit card or paper checks, your checking account can help you manage your budget, including paying your bills on time and balancing your checkbook. With these good habits, you can start building a good credit reputation NOW.

3. Plan in Advance For College

It's never too early for pre-college students and their families to identify and earmark the financial resources they have available to fund a college education—whether from savings, loans, grants, scholarships or work income. Here are some sources to help you and your parents plan how you will finance a higher education:

College Savings Plans - CBC Bank offers several options to help you fund the cost of a higher education. It's OK to start small, but start now with a college savings plan that both you and your parents can contribute to:

US Government EE Savings Bonds - EE Bonds are reliable, low-risk government-backed savings products that you can use toward financing education and other special events.

Personal Savings-begin with as little as $100.00. Add deposits either weekly or monthly and watch your savings grow.

Federal Financial Aid for Higher Education (FAFSA) - All college applicants and their parents or guardians should become familiar with the most recent FAFSA guidelines and deadlines which can be found at http://www.fafsa.ed.gov/. Applications for federal student aid may also be available from your high school counselors, public library, or college financial aid office.

Tips For Effective Financial Management

Set a savings goal and keep track of your progress.

If you have a job, don’t spend everything you make.

Record ALL your transactions daily for your checking and savings accounts, whether they are made with debit or credit cards or paper checks and deposit slips.

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